Option traders moderately bearish in Chipotle (CMG), with shares down $1.21 near $53.93. Options volume relatively light with 29k contracts traded and calls leading puts for a put/call ratio of 0.48, compared to a typical level near 0.7. Implied volatility (IV30) is higher by 0.8 points near 39.63,and above the 52wk median, suggesting an expected daily move of $1.35. Put-call skew steepened, indicating increased demand for downside protection.
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